Did you know that the banks and private lenders foreclose on hundreds and thousands of properties in Toronto and Ontario? The number of homes that the banks are Foreclosing on have been rising over the last few years. Some people will refer to these homes as Power of Sale Homes or Bank Foreclosures. It doesn’t matter what you call it, except that the borrower that took out the mortgage and now can’t make the monthly payments. One of the biggest reasons is that more and more Canadians are going to private lenders to get their mortgage as the don’t have as strict guidelines as the banks do.